Repo in Corporate Debt Securities :Reserve Bank Directions

5 02 2015

Repo in Corporate Debt Securities (Reserve Bank) Directions, 2015

 

In order to further develop the corporate debt market, RBI has decided to permit bonds issued by multilateral financial institutions like World Bank Group (e.g., IBRD, IFC), the Asian Development Bank and the African Development Bank in India as eligible underlying for repo in corporate debt securities.

 

The Reserve Bank of India having considered it necessary in public interest and to regulate the financial system of the country to its advantage, in exercise of its powers conferred by section 45W of the Reserve Bank of India Act, 1934 (RBI Act) and of all the powers enabling it in this behalf, gives the following directions to all the persons dealing in repo in Corporate Debt Securities. 

Short title and commencement of the directions– These directions may be called the Repo in Corporate Debt Securities (Reserve Bank) Directions, 2015 and they shall come into force with effect from February 03, 2015 and shall supercede all other Directions issued in this regard.

 

Eligible underlying collateral for repo in Corporate Debt Securities

·         Listed corporate debt securities of original maturity of more than one year which are rated ‘AA’ or above by the rating agencies registered with Securities and Exchange Board of India (SEBI), that are held in the security account of the repo seller, in demat form.

·         Commercial Papers (CPs), Certificates of Deposit (CDs) and Non-Convertible Debentures (NCDs) of original maturity upto one year which are rated A2 or above by the rating agencies registered with SEBI.

·         Bonds which are rated ‘AA’ or above, by the rating agencies registered with SEBI or internationally recognised rating agencies, and which are issued by multilateral financial institutions like the World Bank Group (e.g., IBRD, IFC), the Asian Development Bank or the African Development Bank and other such entities as may be notified by the Reserve Bank of India from time to time.

 

Tenor- Repos in corporate debt securities shall be for a minimum period of one day and a maximum period of one year.

Trading– Participants shall enter into repo transactions in corporate debt securities in the OTC market.

Reporting of Trades– All repo trades shall be reported within 15 minutes of the trade on the reporting platform of Clearcorp Dealing Systems (India) Ltd. (CDSIL).

 

Settlement of trades

·         All repo trades in corporate debt securities shall settle either on a T+0, T+1 or T+2 basis under DvP I (gross basis) framework.

·         Repo transactions in corporate debt securities shall be settled through the clearing house of the National Stock Exchange (NSE), i.e., the National Securities Clearing Corporation Limited (NSCCL), the clearing house of the Bombay Stock Exchange (BSE), i.e., Indian Clearing Corporation Limited (ICCL), and the clearing house of the MCX-Stock Exchange, i.e., MCX-SX Clearing Corporation Limited (CCL), as per the norms specified by NSCCL, ICCL and CCL from time to time.

·         On the date of reversal of repo trades, the clearing houses shall compute the obligations of the parties and facilitate settlement on DvP-I basis.

 

Prohibition on sale of repoed security– The security acquired under repo shall not be sold by the repo buyer (lender of the funds) during the period of repo.

Disclosure–The details of corporate debt securities lent or acquired under repo or reverse repo transactions shall be disclosed in the “Notes on Accounts” to the Balance Sheet.

 

The document on directions is enclosed herewith for your ready reference.

 

Warm regards,

 

Dr. S P Sharma

Chief Economist & Director-Research





AAP survey predicts

5 02 2015

AAP survey predicts decisive landslide victory in February 7 elections

Wednesday, February 4, 2015

Aam Aadmi Party leader and noted psephologist Yogendra Yadav on Wednesday made public the findings of the pre-poll survey commissioned by the party before the Delhi assembly elections.

Survey findings are based on questions to 3188 respondents (the exercise conducted on Jan 31 & Feb 1) in 35 constituencies (odd assemblies picked).

The main findings of the survey are :

  • Choice for CM           : Arvind Kejriwal 53%, Kiran Bedi 34 %, Ajay Maken 7 %
  • Party vote percentage : AAP 46%, BJP 33%, Cong 11 % (finally adjusted from raw data)
  • Seat projection for parties (likely scenario) : AAP 51, BJHP 15 and Cong + others 4.

 

Please find attached the entire AAP survey findings and the power point presentation.

 

Speaking about the opinion polls, Yogendra Yadav said the direction of all major polls published and telecast by the newspapers and news channels this week are unanimous in their findings that the AAP is headed for a clear victory in Delhi assembly elections.

He requested all the agencies which have conducted these pre-poll surveys to make public their raw data, which will make the exercise more credible.

Regards,

AAP Media celll





‘The Iconisation of Yogmaya Neupane’

5 02 2015

Nehru Memorial Museum and Library

cordially invites you to a Public Lecture

(in the ‘India and the wider World’ series)

at 3.00 pm on Friday, 6th February, 2015

in the Seminar Room, First Floor, Library Building

on

‘The Iconisation of Yogmaya Neupane’

 

by

 

Prof. Michael Hutt,

School of Oriental and African Studies South Asia Institute,

University of London, UK.

 

 

Abstract:

According to a popular tradition, on 14 July 1941 an elderly female religious ascetic named Yogmaya Neupane committed suicide by hurling herself into the raging Arun river in the Bhojpur district of eastern Nepal.  67 other people followed her example, and none of their bodies was ever found.  On 8 March 2011, to mark International Women’s Day, a statue of Yogmaya Neupane was unveiled in the district headquarters town of Bhojpur.  This was the latest development in an iconisation process that constructs and promotes Yogmaya as Nepal’s first female revolutionary.  In this lecture Prof. Hutt will attempt to establish the facts of Yogmaya’s life, so far as this is possible, present and discuss a selection of verses from Sarvartha Yogabani, the text that is held to preserve her utterances, and then analyse the attempts that have been made by various activists and scholars to construct her as, variously, a feminist rebel, a social reformer, and a progressive poet.

 

Speaker:

Prof. Michael Hutt holds a BA in South Asian Studies (Hindi) and a Ph.D. on the history of the Nepali language and its literature, both from SOAS, University of London.  He has been engaged in teaching and research relating to Nepal and the Himalaya at SOAS since 1987 and has served as Head of the South Asia Department and Dean of the Faculty of Languages and Cultures.   He has also published on Nepali and Bhutanese politics, the Nepali diaspora in India, Nepali art and architecture, and the Bhutanese refugee issue.  His most recent books are The Life of Bhupi Sherchan: Poetry and Politics in Post-Rana Nepal (2010) and Eloquent Hills: Essays on Nepali Literature (2013).





South African Tourism’s annual road show

5 02 2015

 

South African Tourism (SAT) organizes one of the biggest road show’s in India and year-on-year, the tourism board has received a tremendous response for this multi-city event. The road show has proven to be an effective platform for the Indian travel trade partners to meet products and suppliers from South Africa and to interact and identify mutually beneficial areas of collaboration.

 

As you might be aware, India is among the top three tourism source markets for SAT in Asia and the tourist arrival figures from India to SA has seen an evident growth. In order to sustain progress and widen its audience reach in India, South African Tourism will continue to invest heavily in stakeholder engagement initiatives, to explore newer markets, traveler segments and plan focused initiatives to leverage the available opportunities. SAT did face few challenges in 2014 but they have a robust and ambitious goal for India in the coming months.

 

There are around 63 South African companies participating in the road show this year with many making their India debut.  Ms. Hanneli Slabber, Country Manager, South African Tourism, India, will be present on the occasion and would be able to share details on the following points:

 

  • Brief on the Road show this year. How is it different from last year? Variety of SA products and suppliers have come to India  for this road show
  • Importance of India market (India is among top 3 in Asia and top 10 globally for SAT)
  • Importance of New Delhi market for South African Tourism
  • Length of stay and spends related trends from Indian travelers to South Africa
  • Recent initiatives undertaken by SAT in India to promote South Africa and plans for 2015
  • Newer activities that Indians are taking up in SA (Voluntourism, Unique adventure activities, Self-drive holidays, Destination wedding etc.)
  • Growing MICE Tourism segment and future opportunities

 

Also, the road show will provide the media an opportunity to interact with South African suppliers who can share details on:

 

  • Why India is an important market for them? How many Indians do they actually see every year (in a game reserve, or doing adventure activities, or visiting vineyards etc.)
  • What products and services do they offer and how it would appeal to Indian travelers?
  • Trends observed by SA products with regards to Indian travelers
  • Arrival figures, length of stay and spends of Indian travelers visiting SA

 

We would be happy to facilitate an interaction for you with Ms. Hanneli Slabber, Country Manager, South African Tourism, India and South African suppliers who might be of interest to you.

 

Please find attached Ms. Slabber’s profile and the list of South African suppliers who will be present at the Roadshow this year.

 

Look forward to hearing from you.

 

Regards

Aakriti Jain I Account Executive I Avian Media

A-33, Second Floor, Feroze Gandhi Road

Lajpat Nagar-II, New Delhi 110024





Raghuram Rajan ‘Dullard Grade’ RBI Governor – Opposes FDI

5 02 2015

Raghuram Rajan ‘Dullard Grade’ RBI Governor – Opposes FDI
February04, 2015 (C) Ravinder Singh ravinderinvent@gmail.com

It is shocking RBI governor with education qualifications like Burger
– Meat Patty and Cheese Slices and Salad wrapped between Bread Pieces
is junk food. He has Engineering Degree followed by MBA and ‘Essay On
Banking’ = JUNK GRADE.

He doesn’t understand a thing, can’t even Read Simple RBI Stats that I
could comprehend as 3rd or 4th Standard Student.

    Industry contributes under 25% of GDP – Manufacturing less than 30%
therefore contributes just 7.5% of GDP but even this weight of
Consumer Durables which has highest Value Additions is barely 8.46% or
roughly 2% of GDP.

    In last 8 months even Consumer Durable Share of 2% has further
collapsed by over 30% – What is the Logic of Keeping Foreign Companies
Out of Indian Market? – India should actually attract 100% FDI in all
sectors Until Indian Companies are Prepared to Compete With Foreign
Investors and Supporting Indian R&D based Small & Medium Companies and
Strengthening PATENT OFFICE.

    When Banks Should Charge ‘PENAL INTEREST RATES’ on Companies Who Had
Not ‘Paid Back’ Loans on Time. Rs.50,00,000 Crore is Locked Up and not
Paid Back.

    RBI should have INSISTED on ‘Reducing Petroleum Prices to Rs.35 Per Liter’.

    RBI should INSIST on 30% to 50% Equity for Public in SEBI Companies.

    RBI should have INSISTED on 50% of Capital for Projects to come from
IPOs not Bank Loans.

    RBI should have INSISTED on Intellectual Property Rights for Indians.

Massachusetts Institute of Technology, Ph.D., May 1991. Thesis: Essays
on Banking.
Indian Institute of Management (Ahmedabad), M.B.A., March 1987.
Indian Institute of Technology (Delhi), B.Tech. (Electrical), May
1985. http://faculty.chicagobooth.edu/raghuram.rajan/vitae/CV.pdf

No. 22: Index of Industrial Production (Base : 2004-05=100)
http://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/22T_BUL090115F.pdf
INDUSTRY    Weight     2012-13    2013-14    Oct.2014
General Index    100.00    172.2    172.0    162.4
2 Use-Based Classification
2.1 Basic Goods    45.68    153.6    156.9    162.0
2.2 Capital Goods    8.83    251.6    242.6    241.5
2.3 Intermediate Goods    15.69    146.7    151.3    145.9
2.4 Consumer Goods    29.81    190.6    185.3    148.3
2.4.1 Consumer Durables    8.46    301.1    264.2    191.7
2.4.2 Cons. Non Durables    21.35    146.9    154.0    131.1

Ravinder Singh, Inventor & Consultant, INNOVATIVE TECHNOLOGIES AND PROJECTS
Y-77, Hauz Khas, New Delhi-110016, India. Ph; 091- 9718280435, 9650421857





BBC: Buddhists: Mummified monk ‘not dead’

5 02 2015

 

 

A mummified monk found preserved in Mongolia last week is shocking those who uncovered him.

A mummified monk found preserved in Mongolia last week is baffling those who uncovered him, with senior Buddhists saying he is still alive.
bbc.com




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